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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Retail
Thursday, July 10, 2008
Bakers Footwear Reports 10.4% Comparable Store Sales Increase in June 2008
Comtex
ST. LOUIS, Jul 10, 2008 (BUSINESS WIRE) ----Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading specialty retailer of moderately priced fashion footwear for young women, with 243 stores open, reported June 2008 sales figures. This monthly sales release is being made in advance of a series of investor meetings this month.
For the five-week period ended July 5, 2008, comparable store sales (sales for stores open at least one year or more) increased 10.4%, compared to a decrease of 20.2% for the five-week period ended July 7, 2007. Net sales for the five-week June 2008 period increased $1.1 million or 7.3% to $16.6 million, compared to the same period last year.
For the nine-week period ended July 5, 2008, comparable store sales increased 3.0%, compared to a decrease of 17.6% in the nine-week period ended July 7, 2007. Net sales for the nine-week fiscal 2008 period increased $0.2 million or 0.7% to $31.7 million, compared to the nine-week fiscal 2007 period.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group commented, "We are delighted to achieve double digit comparable store sales growth in June, which reflected strength across our assortments with impressive growth in our largest category of open-toe-footwear. Customers are responding well to the great styles we are offering and we expect this positive momentum to continue given the excitement in our current and upcoming offerings."
"Importantly, we are delivering this growth while maintaining solid margins and prudently controlling inventory and expenses," Mr. Edison continued. "To this point, we remain on target to achieve $10 million of reductions in planned costs for the year. As a result, we expect to achieve improved operating results in the second quarter and throughout the remainder of this fiscal year. As previously disclosed, we continue to anticipate that we will have adequate liquidity to fund our 2008 business plan and meet our debt covenants. Please see our recent SEC filings for a detailed discussion of these matters."
About Bakers Footwear Group, Inc.
Bakers Footwear Group, Inc. is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women. The Company's merchandise includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. The Company currently operates over 240 stores nationwide. Bakers' stores focus on women between the ages of 16 and 35. Wild Pair stores offer fashion-forward footwear to both women and men between the ages of 17 and 29.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN THE MEANING OF SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND SECTION 21(E) OF THE SECURITIES EXCHANGE ACT OF 1934). BAKERS FOOTWEAR HAS NO DUTY TO UPDATE SUCH STATEMENTS. ACTUAL FUTURE EVENTS AND CIRCUMSTANCES COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN THIS STATEMENT DUE TO VARIOUS FACTORS.
FACTORS THAT COULD CAUSE THESE CONDITIONS NOT TO BE SATISFIED INCLUDE INABILITY TO SATISFY DEBT COVENANTS, MATERIAL DECLINES IN SALES TRENDS AND LIQUIDITY, MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR IN BAKERS FOOTWEAR'S BUSINESS, PROSPECTS, RESULTS OF OPERATIONS OR FINANCIAL CONDITION, INABILITY TO COMPLY WITH NASDAQ LISTING REQUIREMENTS AND OTHER RISKS AND UNCERTAINTIES, INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND OUR MOST RECENT QUARTERLY REPORT ON FORM 10-Q, INCLUDING THOSE DISCUSSED IN "RISK FACTORS," IN "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS" AND IN NOTE 2 TO THE FINANCIAL STATEMENTS IN THESE REPORTS, AND IN BAKERS FOOTWEAR'S OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
SOURCE: Bakers Footwear Group, Inc.
Bakers Footwear Group, Inc. Charles R. Daniel, III, 314-621-0699 Vice President - Finance or Investors: Integrated Corporate Relations Allison Malkin/Jane Thorn Leeson 203-682-8225/646-277-1223
Copyright Business Wire 2008 ********************************************************************** As of Sunday, 07-06-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 10-24-2007 for BKRS @ $3.22. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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